Apple edges closer to US$1 trillion mark

Apple
has taken a step closer to becoming a trillion-dollar company after the tech
giant reported a blowout third quarter and shrugged off concerns related to the
iPhone X.

Its shares rose almost 4 percent in pre-market trading
on Friday, on track to add nearly US$30 billion (NZ$43 billion) to its market
capitalisation. The company is valued at US$868 billion (NZ$1.25 billion).

The California-based company also forecast a strong
holiday quarter ahead, which will include the much-awaited iPhone X that started
selling on November 3.

At least five brokerages raised their price targets on
the stock, with Canaccord Genuity making the most bullish move by raising its
price target by US$15 to US$195.